Credit and Finance for MSMEs: Kolkata-based FMCG company Annapurna Swadisht on Monday announced it has fixed the price band of Rs 68 -70 per share for its forthcoming public issue on SME exchange NSE Emerge through the book-building route. The company said the issue will open for subscription on September 15, 2022, and will close on September 19, 2022, offering 43.22 lakh equity shares. “The minimum application to be made is for 2000 shares and in multiples thereon, thereafter. The issue constitutes 26.32 per cent of the post-issue paid-up capital,” the company said in a statement.
Business advisory firm Corporate Capital Ventures is the lead manager and Skyline Financial Services is the registrar of the issue. Post-issue, the company said its paid-up equity capital will increase to Rs 16.42 crore from Rs 12.10 crore.
Importantly, a number of investors led by market veteran Shankar Sharma had invested in the pre-IPO funding round of the company. “Shankar Sharma has come on board in his personal capacity. In addition, Amit Bhartia, erstwhile Partner, GMO Singapore Pte has also invested in his individual capacity. Marquee institutional investors, including NAV Capital Emerging Star Fund and Rajasthan Global Securities, have also invested in the pre-IPO stakes,” the company added.
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Annapurna Swadisht has two manufacturing units in West Bengal’s Asansol and Siliguri with a daily production capacity of 15 MT and 10 MT of Fryums snacks respectively. The company sells products under brand names including Jackpot, Chatpata Moon, Balloon, Finger, Rambo, Makeup Box, Dhamaka, Phoochka, Jungle Adventures, etc. It is expanding with a greenfield project in Gurap and Dhulagarh, near Kolkata and a flour mill with an installed capacity of 100 MT per day to secure backward integration in the Gurap unit. The two units are likely to be operational in the fourth quarter of the current financial year.
The company reported revenue growth from Rs 11.67 crore in March 2019 to Rs 61.04 crore in March 2022 while its net profit increased from Rs 28 lakh in March 2019 to Rs 2.40 crore in March 2022. The Q1 FY23 net profit was Rs 1.31 crore with a turnover of Rs 28.99 crore. Its long-term borrowing stood at Rs 3.47 crore as on March 2022 and the debt-equity ratio at 1.26.